Which life insurance policy provides a specified monthly income for 30 years and a lump sum benefit at the end of that period?

The family maintenance policy is uniquely designed to provide both a specified monthly income for a predetermined period, which in this case is 30 years, and a lump-sum benefit that is payable at the end of that income period. This arrangement is particularly beneficial for individuals who want to ensure that their beneficiaries receive a stable income over a set duration, along with a financial cushion at the end of that period.

This type of policy effectively combines elements of life insurance protection with an income annuity. It allows the policyholder to plan for the future financial security of their loved ones, ensuring that they not only receive regular payments during the specified time frame but also a significant payout later on, which can help with long-term financial goals or expenses that may arise.

In contrast, the other types of policies do not have the same structure or benefits. Whole life policies provide lifelong coverage with fixed premiums and a cash value accumulation, but they do not specify a monthly income during a certain period. Term life policies offer coverage for a set number of years but do not provide any income or benefits after the term ends. Universal life policies combine flexible premiums with lifetime coverage and cash value, but they also do not provide a specified monthly income for a set number of years along with a